Korea Industry

Korea: Industrial production remains strong in November

December 30, 2010

In November, industrial production expanded 10.4% over the same month last year, coming in below the 13.5% increase recorded in October, but beating market expectations of a 10.0% rise. In part, the reading reflects seasonal effects related to the Chuseok harvest festival and a month-on-month comparison points to a stronger expansion than suggested by the annual data. According to seasonally adjusted figures, industrial production rose 1.40% over the previous month, which contrasted the 4.23% drop recorded in October and marked the first increase in industrial activity after three consecutive months of contracting output. At a sector level, manufacturing, which accounts for the bulk of industrial output, increased 10.6% annually (October: +13.6% yoy), the mining sector rose 3.3% (October: -5.6% yoy) and electricity and gas supply grew 8.2% (October: +9.8% yoy).

Author:Armando Ciccarelli, Head of Data Solutions

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Industrial production in the mining, manufacturing, gas and electricity sectors decreased 6.0% in December compared to the same month last year, more than the revised 1.7% decrease in November (previously reported: -1.6% year-on-year).